Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 01 /27
===================Analysis=================
Yesterday Gold was doing a consolidation between 1859 - 1850 for many times.
It's hard to tell the final direction but the bearish power is still little bit stronger than bulls.
From the chart I can see Gold is forming a collapsing triangle, which means it's still ranging in the bottom & top edge. From this view, the support is not even 1838, but 1844 now.
There are quite few assumptions that may confuse people.
=================Possible Situation==========
No.1 Gold directly breaks down the trendline support 1844, and tests 1840 and goes straight downside.
No.2 Gold breaks the 1844 support and gose a little further at 1840 and bounce
No.3 Gold bounce back from 1845 now and re-tests the upper edge 1860 and drop again
No.4 Gold bounce back from 1845 and re-tests the upper edge and break the top resistence 1860 to confirm a new bullish trend.
==================My Trading Plan=================
Based on these situation:
The support: 1844 1840
The resistence: 1853 1860
Sell stop: 1840, SL 1845 , TP 1830
Sell stop: 1830, SL 1837 , TP 1805
sell limit: 1860 SL 1863, TP 1843
Buy stop: 1848.5, SL 1844, TP 1853 1860
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 01 /27
===================Analysis=================
Yesterday Gold was doing a consolidation between 1859 - 1850 for many times.
It's hard to tell the final direction but the bearish power is still little bit stronger than bulls.
From the chart I can see Gold is forming a collapsing triangle, which means it's still ranging in the bottom & top edge. From this view, the support is not even 1838, but 1844 now.
There are quite few assumptions that may confuse people.
=================Possible Situation==========
No.1 Gold directly breaks down the trendline support 1844, and tests 1840 and goes straight downside.
No.2 Gold breaks the 1844 support and gose a little further at 1840 and bounce
No.3 Gold bounce back from 1845 now and re-tests the upper edge 1860 and drop again
No.4 Gold bounce back from 1845 and re-tests the upper edge and break the top resistence 1860 to confirm a new bullish trend.
==================My Trading Plan=================
Based on these situation:
The support: 1844 1840
The resistence: 1853 1860
Sell stop: 1840, SL 1845 , TP 1830
Sell stop: 1830, SL 1837 , TP 1805
sell limit: 1860 SL 1863, TP 1843
Buy stop: 1848.5, SL 1844, TP 1853 1860
Trade active:
buy stop order active now as planned.
Trade closed: target reached:
TP 1853 reach
Trade active:
sell stop in as planned
Trade closed: target reached:
i'm closing my short around 1832 now as planned
